Volume 11 - Volume 11
Prospects of Digital Currency in India – A Way Forward
Abstract
The era of information and communication technologies has created many opportunities in every
aspect. The field that has been benefitted the most from these recent developments in the financial
and business sector. The scope and speed of evolution in technology, customer perception, and wide
acceptance indicate that these technologies and disruptions will transform the finance and banking
sector as we know it, providing both opportunities and challenges to financial institutions. Systems
that have traditionally been used for savings, investments are not well suited given the scale and
agility required for the digital age. Keeping in mind this array, financial institutions are responding
with new digitization and innovation initiatives, using analytics, cloud technologies, and other new
alternatives to respond to customer expectations. In a country like India, with a large economy and a
despotic regime, the country shows decent economic growth even after having a complex system of
arbitrary rules and regulations. Amidst all the growth, there is a huge scope of transforming the
investment and lending patterns, with the help of technologies becoming more customer-centric and
efficient. So, the technologies like blockchain are looking to drive innovation across various
industries in India. In the era of blockchain, cryptocurrencies are the main part of it. They are said to
be the most disruptive technologies in this area. This paper is an attempt to find the future of digital
currency in India from the international experience.
Paper Details
PaperID: 2560
Author's Name: Viraja Bhat, Jeevan Nagarkar and Ayushi Singh
Volume: Volume 11
Issues: Volume 11
Keywords: Digital Currency, RBI, India, Blockchain, Cryptography.
Year: 2021
Month: August
Pages: 5247-5266